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Does widow owe corporate debts of deceased spouse?
Creditor is an interested party under California Probate Law. Bank can open a probate to administer the estate; even if the assets are in trust or pass by operation of law [joint tenant etc] Creditor gets appointed administrator of the estate, makes claim against the estate, then obtains probate order to sell assets of the decedent to pay claim. The claim gets paid and the bank collects a statutory fee based on the gross value of the decedentcourt collection.
I witnessed Wells Fargo petition for probate in Ventura to collect a $3,200 credit card. The Ventura probate judge was not happy with Wells Fargo, but he granted the petition for probate by WF
Also, in recent years my healthy business clients have complained that the bank wants their personal guarantee and their spouses personal guarantee.
Best regards
Larry Webb
California Board of Legal Specialization
Certified Specialist in Bankruptcy Law
State Bar of California 229344
Central District California
"A Debt Relief Agency"
Check out my Blog
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Law Offices of Larry Webb
484 Mobil Ste 43
Camarillo Ca 93010
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Law Office Larry Webb Bankruptcy Attorney
The following notice is required by the United States Supreme Court's interpretation of 11 U.S.C. 101(12A): The Law Offices of Larry Webb is a Bankruptcy Attorney Debt Relief Agency as defined by 11 U.S.C. 101(12A) of the Bankruptcy Code. We help people file for relief under the Bankruptcy code. Bankruptcy is a Federal Court Proceeding that supersedes State Court Civil Litigation
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Holly:
Most credit cards for small corps have both the corp's name and the individual debtor's name on them. Best check the card, because if the human's name was on the card, the card issuer can make a claim in probate, or sue the spouse.
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Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
> On Jun 22, 2015, at 9:52 AM, Holly Roark hollyroark22@gmail.com [cdcbaa] wrote:
>
> Spouse owned a single shareholder corporation which he started prior to marriage. During marriage it incurred credit card debt. Spouse died. Does wife have to pay the business credit card debt of deceased spouse?
>
> Would creditors have to sue the corp and pierce the corporate veil to get to the community property? Would only the CP be liable for the debt, and not the widow's SP?
>
> California is a community property state.
>
>
> Holly Roark
> Certified Bankruptcy Specialist*
> and Sports Lawyer
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> Central District of California - Consumer Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
> *By State Bar of California Board of Legal Specialization
> **Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100
>
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See CCP 366.2
Perhaps consult with a probate lawyer regarding what debts are liable for the claims.Peter M. Lively, J.D., M.B.A.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Boulevard, Suite 203, Culver City, California 90230-4647
Telephone: (310) 391-2400* Toll Free: (800) 307-3328 * Fax: (310) 391-2462
On Monday, June 22, 2015 9:53 AM, "Holly Roark hollyroark22@gmail.com [cdcbaa]" wrote:
Spouse owned a single shareholder corporation which he started prior to marriage. During marriage it incurred credit card debt. Spouse died.se?
Would creditors have to sue the corp and pierce the corporate veil to get to the community property? Would only the CP be liable for the debt, and not the widow's SP?
California is a community property state.
Holly RoarkCertified Bankruptcy Specialist*
and Sports Lawyer
holly@roarklawoffices.com**primary email address**www.roarklawoffices.comCentral District of California - Consumer Bankruptcy Attorney1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601*By State Bar of California Board of LegalSpecialization**Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208) 922-5100 #
The post was migrated from Yahoo.
Spouse owned a single shareholder corporation which he started prior to
marriage. During marriage it incurred credit card debt. Spouse died. Does
wife have to pay the business credit card debt of deceased spouse?
Would creditors have to sue the corp and pierce the corporate veil to get
to the community property? Would only the CP be liable for the debt, and
not the widow's SP?
California is a community property state.
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
**Counsel for Chapter 13 Trustee Kathleen A. McCallister (Idaho) T (208)
922-5100
Spouse owned a single shareholder corporation which he started prior to marriage. During marriage it incurred credit card debt. Spouse died. Does wife have to pay the business credit card debt of deceased spouse?Would creditors have to sue the corp and pierce the corporate veil to get to the community property? Would only the CP be liable for the debt, and not the widow's SP?California is a community property state.Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
The post was migrated from Yahoo.